Tencent’s Fintech Revenues See 30% YoY Leap in Second Quarter of 2020

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Tencent’s latest quarterly report reports to rising growth in fintech-related revenues despite the ongoing economic impacts of the COVID-19 pandemic.

Tencent’s second quarter report released on 12 August indicates that its fintech and enterprise services revenues segment saw a YoY rise of 30% to reach 29.862 billion yuan.

According to Tencent this growth was mainly driven by a rise in average daily transaction volumes and individual transaction sums, which bolstered revenue growth for its commercial payments and wealth management platforms.

The strong second quarter performance comes following a 22% rise in fintech and enterprise service revenues in the first quarter of 2020.

In terms of revenue costs, Tencent’s fintech and enterprise services segment saw YoY growth of 22% in the second quarter to reach 21.222 billion yuan.

According to Tencent this was primarily due to a rise in transaction costs as a result of an increase in payments activities, as well as an expansion in cloud operations causing an increase in server and bandwidth costs.

WeChat also saw a 6.5% YoY rise in monthly active user accounts to reach 1.206 billion in total.

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